The ASX initial public offering (IPO) market had a subdued start to the year as Unity Metals, a mining company with assets in Cambodia and Thailand, debuted at 20¢ per share. The stock closed at its opening price after briefly reaching 22¢. This mirrors a late-2025 trend where IPOs struggled, partly due to concerns about potential interest rate hikes by the Reserve Bank of Australia.
Several IPOs from late last year are trading below their debut prices. Online used car dealer Carma, for example, listed at $2.70 in November and has since fallen below $2.10. Similarly, Epiminder, a Cochlear-backed biotech company specialising in epilepsy monitoring and prevention, debuted at $1.50 and now trades below $1. Saluda Medical experienced a significant drop, with its shares more than halving in value on its first day.
Despite the recent challenges, fund managers and analysts are optimistic that favourable inflation data could revive the IPO market. Maple-Brown Abbott portfolio manager Phillip Hudak believes that easing concerns about interest rate hikes could boost market appetite for IPOs. The resources sector showed promise in 2025, with BMC Minerals, a Canada-focused silver and gold explorer, experiencing a successful debut. Seneca’s Australian small companies fund co-portfolio manager, Ben Richards, highlighted the positive outlook for resources IPOs, particularly copper explorers like Kaoko Metals.
Looking ahead, several companies are expected to list on the ASX, including artificial intelligence infrastructure company Firmus Technologies, Home Furniture Group (owners of Amart and Freedom), radiology business I-MED, and pets-and-vets business Greencross. Simon James, a partner at HLB Mann Judd Sydney, noted that while the IPO market was slow in 2025, the outlook for 2026 is slightly healthier, though the first few months may remain quiet as companies assess the economic environment.
